What is the Interim Occupancy Period?

After a condominium is substantially completed by its builder, Ontario law allows the builder to have the condo units occupied by the buyers while the builder applies for the registration of the condominium corporation and the municipality inspects the building . This is called the interim occupancy period. During this period, the buyer pays occupancy fees while occupying the unit but these fees will not be credited as payments of the purchase price.

The interim occupancy period is completed when the condominium corporation is registered and the individual unit titles can then be transferred to the buyers. This second stage is called the final closing and also marks the start when condo buyer’s mortgage takes effect.

The tentative occupancy date will be set out in the document called Statement of Critical Dates that is attached to the APS. There are consequences for the builder when it fails to meet the dates.

This question was answered by Shaffiq Dar (Real Estate Lawyer)